In Reality, Phony Returns Don't Win

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· Keep all the information on an asset (stock, bond) indefinitely, even after you sell it. This is especially true for any records pertaining to a home purchase, particularly your settlement documents. You want to keep these records to figure the gain or loss when you sell or otherwise dispose of the property.

· If you are a cheat or you didn't file your return when you were supposed to, the IRS recommends that you keep your records indefinitely. Of course, once the government catches up to you, you'll have some explaining to do.

As they say in racing, we're heading into the homestretch. So if you've done your return, good for you. Start tax planning for next year because it's never too early.

If you're not done, what are you waiting for? Stop procrastinating.

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

Comments and questions are welcome, but because of the volume of mail, personal responses are not always possible. Please note that comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

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